Al Jouf posts 74% fall in profit in 9M22

Saudi Arabia's Al Jouf Cement Company has reported a 35.1 per cent YoY increase in revenue in the third quarter of 2022. Revenue advanced from SAR54.9m in the 3Q21 to SAR74.1m in the same period this year. Compared to the 2Q22 revenue has improved by 49.84 per cent from SAR49.5m. Net profit after Zakat and tax in the 3Q22 came in at SAR5.94m, up 43.5 per cent YoY. According to the company this is due to growth in the quantity and value of sales, along with an increase in prices in September 2022.

For the opening nine months of 2022, the company saw revenue decline by 2.31 per cent to SAR172.4m, compared to SAR176.5m in the 9M21. Net profit after Zakat and tax over the same period fell 74 per cent from SAR29.8m to SAR7.8m. Al Jouf attributes the drop in net profit to a fall in the amount of sales, coupled with an increase in financing expenses, despite the increase in prices introduced during the 3Q22.